UPDATE: Rays and Peralta agree to terms; said to be $6M over 2 years, with option

UPDATE, 1:30 p.m.: Peralta said there were better offers from at least two teams, but once he got what he considered a fair offer from the Rays he told agent Mark Gilling to take it.

"Some teams offered a little bit more money, but I got what I thought I was worth and I was happy with it,'' Peralta told the Times from the Dominican Republic. "I didn't want to go anywhere else.''

UPDATE, 1:27 p.m.: Peralta said the terms are $6-million over two seasons ($3-million each) with an option for 2015 at $2.5-million. The deal is pending a physical, which may not take place until next week, which is why there is nothing official from the Rays.

BREAKING: The Rays and free-agent RHP Joel Peralta have agreed to terms on a new contract.

Details are not yet available. There were Twitter reports out of the Dominican Republic this morning that they had agreed on a two-year deal for $6-million, with a $2.5-million option for 2015.

Peralta, who turns 37 in March, has been the Rays primary set up man the past two seasons, working 71 games in 2011 and 76 in 2012. Last season he was 2-6 with two saves and a 3.63 ERA. He also was suspended eight games when umpires found excessive pine tar in his glove during a June game in Washington.

Peralta said at the end of the season he wanted very much to return to the Rays.

Resigning Peralta keeps intact the Rays late-inning combo as they already picked up the option on closer RHP Fernando Rodney. LHP Jake McGee is also set to return; LHP J.P. Howell and RHP Kyle Farnsworth are free agents.

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The Tampa Bay Rays will head into the 2015 season with Evan Longoria, Chris Archer, Alex Cobb and plenty of new faces, including manager Kevin Cash. Can they upend the Orioles in the highly competitive AL East? Come here to follow Rays news at Tropicana Field and beyond.